Fitch ups Peru from junk

Fitch Ratings said it upgraded Peru's long-term foreign-currency issuer default rating to BBB- from BB+ and its long-term local-currency rating to BBB from BBB-. The agency upgraded Peru's short-term issuer default rating to F3 from B and its country ceiling to BBB from BBB-.

The outlook is stable.

Fitch said the upgrades recognize the strong improvement in Peru's fiscal and external solvency ratios, which now demonstrate a sufficient counterbalance to the country's key credit weaknesses, including a concentrated export base as well as political and social risks.

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